CSR Buys Nordnav

CSR acquires Swedish GPS start-up Nordnav for $75M

January 15, 2006

1 Min Read

STOCKHOLM -- 3i Group plc, InnovationsKapital and smac partners together with Nordnav’s management, have agreed to sell Nordnav, a Swedish pioneer in next generation GNSS receivers, to Cambridge Silicon Radio (LSE: CSR.L). The purchase price for all shares in the company is approximately $75 million. InnovationsKapital and 3i co-led the first investment round in Nordnav in May 2005.

Kimmo Korpela, Director, 3i Nordic, comments on the sale:”This transaction has very clear logic in the industry and is a very good outcome for Nordnav and its shareholders. We, at 3i, are especially delighted to have demonstrated our value by introducing Nordnav to CSR, a highly successful company and originally a 3i investment.”

Peder Holm, Investment Director, InnovationsKapital, says: “This is a successful investment that will generate up to 8 times our total investment in the company.”

Nordnav, which was founded 2002 by two researches from Luleå University and Stanford University, Per Ludvig Normark and Dennis Akos, is today a market leader in the software GNSS receiver market, providing the only genuinely working GPS software solution for mobile devices. Nordnav develops and licenses software receivers for GPS and Galileo that offer both better performance and significant cost savings compared with alternatives. The company’s solutions enable high quality location functionality to be built into any portable device, including mobile phones, PDAs, and automotive navigation systems.

Fredrik Cronqvist, Investment Manager, InnovationsKapital, adds: “We believe that CSR is a great industrial partner that can make a large and successful business out of Nordnav’s world leading GPS technology. This acquisition will enable CSR to provide GPS in mass-market mobile handsets at a significantly lower price compared to competitors.”

3i Group plc

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